Research
*Research published here is selective and posted 7 days or more after distribution to clientsTSR Model Portfolio Performance Update – July 30, 2010
July 30th, 2010
Backed by timely calls, our TSR Model Portfolio continues to outperform every major world index.
Click here to see: TSR Performance Chart – July 2010
Smart Titles and CoreLogic: Twin Paths to Value Creation
June 1st, 2010
Now two and half years in the making, in our fully researched view, First American Corp. splitting to create two independent, focused companies for financial services and information solutions is the most effective way to focus and grow these leading businesses. CoreLogic (CLGX-WI), freed from the fluctuations of the insurance business, can expand its offerings through organic and inorganic routes. First American Financial (keeping the parent’s ticker FAF) will focus on streamlining the insurance business and grow primarily through inorganic means. As both companies will be a part of the same S&P MidCap 400 Index, as the parent was, we do not expect sizeable index selling.
Click here to view page 1 of the (40) page research note
TSR Newsletter/ 1Q2010 /Quarterly Review
April 14th, 2010
The TSR model portfolio fund is a paper portfolio that is technically constructed to mirror a ‘real and live’ portfolio with investor funds. The Fund’s holdings are weighted and contain the corresponding amounts of shares.
TSR Portfolio – 1Q2010 with Commentary
Cablevision / MSG – Spinoff addresses Cash Flow Concerns for CVC, but MSG’s Lackluster Opening Ignores Key Trophy Assets
February 1st, 2010
Cablevision Systems’ board of directors set Feb 9, as the date for the planned spinoff of its Madison Square Garden assets.CVC first announced its plan to spinoff the unit in July 09, including its Madison Square Garden arena, its professional sports teams (e.g. NY Knicks & NY Rangers), its Theaters (e.g. Radio City Music Hall and the Chicago Theater), its MSG regional sports networks and cable music channel Fuse. Shareholders will receive 1 share of MSG Class-A common stock for every 4 shares of CVC Class-A common stock they hold. The Spinoff entity will begin trading regularly on Feb 10, under the symbol “MSG.
Click here to view page 1 of the (51) page research note
EnCana / Cenovus – Pure Play Natural Gas Strategy to Pay Off Well
December 1st, 2009
Since its formation in 2002, EnCana has struggled to differentiate its two core assets. That struggle has especially hurt its oilsands interests, and has resulted in a share price that underperformed rivals. We believe the spinoff event will act as a positive catalyst enhancing shareholders value. We have an Absolute Buy rating on the parent (EnCana) and Buy rating on the Spinoff entity (Cenovus). Also an earlier Spinoff transaction of a Canadian company “Bankers Petroleum” operating in Oil & Gas sector which was done with a similar Spinoff rationale has performed exceedingly well. The Bankers Petroleum stock on which we had an Absolute Buy rating has generated 507% return since YTD. When we draw a parallel between the two spinoff stories, we are confident that this spinoff will also add value to shareholders.
